Venipuncture or venepuncture is the process of obtaining blood by gaining intravenous access. This process is used for many purposes such for blood sampling and for removing excess blood for the treatment of polycythemia Vera, an ailment that results in elevated blood volume or hematocrit. In healthcare, this process is performed by physicians, laboratory scientists, or phlebotomists. There are mainly two types of venipuncture, namely those conducted with needle and syringe and those with vacuum tubes. Both these techniques have their own disadvantages, with the patient suffering from excruciating pain in both scenarios.
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Needle-free blood drawing devices were invented as a relatively pain-free alternative to conventionally used devices. The needle-free blood drawing device operates by providing a micro-particle with momentum, which then penetrates the adjacent dermal tissue. An attached negative pressure barrel then draws blood from the site. A healthcare professional places the device, similar to the size of a golf ball, on the patient's upper arm, subsequently pushing a button. This push activates a number of thin needles that penetrate the topmost layers of the skin. This novel technology is expected to gain significant growth traction in the near future. According to Agency for Healthcare Research & Quality, in the U.S., around 800 blood draws are performed every minute. As imperative as their use be, blood draws are cumbersome and strenuous for patients and clinicians alike. According to Velano Vascular, around 28% of adult venipunctures and a staggering 44% of pediatric venipunctures need additional sticks to draw blood productively. According to American Journal of Infection Control, medical practitioners in the U.S. sustain from an average of 200 needle-related injuries per day. Besides the considerable physical as well as emotional toll of these injuries, unintentional needle stick injuries result into an additional cost of about US$ 50 million per year.
Needle-Free Blood Drawing Devices Market Taxonomy
On the basis of product type, the global needle-free blood drawing devices market is classified into:
◦ Hand held devices
◦ Wearable devices
On the basis of end user, the global needle-free blood drawing devices market is classified into:
◦ Diagnostic Centers
◦ Personal Clinics
Increasing incidence of fatalities that can be avoided by early detection and treatment, especially in emerging economies, is a major factor fueling demand for effective blood sampling and tests. Demand for blood sampling would differ across region depending on the incidence rate of diseases. Nonetheless, this upsurge in demand for blood sampling is projected to fuel the need of blood drawing, thereby augmenting the growth of the needle-free blood draw devices market.
Needle-Free Blood Drawing Devices Market Outlook –Low cost and reduced risk factors leading to greater adoption of needle-free blood drawing devices over tradition blood-drawing techniques
Regulatory standards as well as safety policies govern the global needle-free blood drawing devices market. Approval from the U.S. Food and Drug Administration (FDA) is mandatory for promotion and use of needle-free blood drawing devices. Companies such as Velano Vascular have obtained the same and offer needle-free blood drawing devices to hospitals and other application sectors. Increase in health awareness among consumers has resulted increasing number of preventive and periodic health checkup, including blood tests. This creates a highly conducive environment for growth of the needle free blood drawing devices market.Moreover, these devices offer ease of use over conventional needle based blood drawing devices and are more conducive for home use. For instance, management of diabetes will become much easier. Patients with diabetes mellitus need to get their blood sugar levels tested very frequently. By using needle-free blood drawing device, the process will become much more user friendly and painless. The product is still at the development stage, with a commercial product expected to be launched in the near future. One of the major advantages of this device is that unlike conventional blood drawing devices, infection risk is very low. Maximum use of blood-draw is observed in hospitals and diagnostic centers. Traditional needle based blood draw technique might lead into vasovagal reactions, pain and bruising, and/or nerve injuries. For these reasons, hospitals around the world are likely to opt for needle-free blood drawing devices to minimize risk, labor cost as well as material cost. Companies operating in the market in the current scenario are competing on price, and they are focusing on getting the FDA approval for their products.In December 2015, Google Inc. applied for a patent for its variant of a wearable smart glucometer with needle-free blood drawing feature. Major companies operating in the market are Velano Vascular, VertMarkets, Inc., Gizmag Pty Ltd, Romsons, Alpha Bio Labs, and Poly Medicure Ltd.
1. Major companies in the market are involved in different business strategies such as gaining product approval from regulatory authorities, in order to expand their product portfolio. For instance, in February 2017, Velano Vascular, a San Francisco-based company, received the U.S. Food and Drug Administration (FDA) 510(k) clearance for its Pivo needle-free blood draw device. It is a single used, disposable device, designed to take blood samples from IVF catheters.
2. Major companies in the market are involved in different business strategies such as participating in capital venture activities, in order to gain competitive edge in the market. For instance, in March 2017, Velano Vascular, a U.S.-based startup, raised US$ 17 million (investors’ names undisclosed) for a needle-free blood draw device. The device developed by Velano Vascular is called PIVO, which is a needle-free device and can be inserted through existing IVD catheter.
3. Major companies in the market are involved in different business strategies such as participating in capital venture activities, in order to gain competitive edge in the market. For instance, in May 2019, Velano Vascular, a U.S.-based company received US$ 10 million funding its strategic investor Intermountain Healthcare for its FDA cleared needle-free blood drawing device PIVO.
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